Friday, June 21, 2024

The UN Refugee Agency Accepts First Stablecoin Crypto Donation of $2.5M from Binance Charity to support Ukraine Efforts

USA for UNHCR, the UN Refugee Agency, accepts its first stablecoin crypto donation towards the organization’s humanitarian support for families forced to flee Ukraine to neighboring countries. The $2.5 million USD equivalent from Binance through Binance Charity. The BUSD donation is further demonstration of how cryptocurrency is playing a key role in raising vital funds and providing humanitarian aid for the crisis in Ukraine.

Stablecoins bridge the world of cryptocurrency and fiat currency together as their prices are tied to a reserve asset like the US dollar or gold.

The donation will go towards providing humanitarian, legal and social assistance including psychosocial support and emergency shelter to people in need. More than 10 million people have already been displaced due to the crisis.  Four million people have found safety in neighbouring countries like Poland, Moldova, Romania and Hungary, while millions more have been forced from their homes but remain inside Ukraine.

“Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action,” said Anne-Marie Grey, Executive Director and CEO of USA for UNHCR. “This generous support will make a life-changing difference for families forced to flee, and more importantly, it shows families that a caring and committed global community is stepping forward to help during their darkest times.”

Helen Hai, Head of Binance Charity, said:  “Every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine. We are proud that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR’s tireless efforts and second-to-none experience in assisting refugees, makes them an obvious choice to support as part of our $10 million USD in crypto donations.”

As the war in Ukraine continues, the needs of of those fleeing grow. Binance Charity’s  donation comes at an important time as UNHCR continues working with government authorities in the region, other UN agencies, local community groups and other partners to provide humanitarian assistance wherever possible.

UNHCR delivers assistance to communities inside Ukraine when it is safe to do so and is closely tracking negotiations for safe passage. UNHCR is providing cash assistance so families can purchase basics like food, rent and hygiene items and also delivering core relief items and emergency shelter. Additionally, teams inside Ukraine are setting up reception and transit points for internally displaced people and facilitating access to legal aid and psychosocial care.

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In neighbouring countries, UNHCR continues to work with national authorities to provide cash assistance, strengthen reception capacity and implement Blue Dots — children and family protection support hubs — in collaboration with UNICEF and other partners.

Outside of Ukraine, UNHCR continues to work with national authorities in neighboring countries to strengthen reception capacity and implement Blue Dots — children and family protection support hubs — in collaboration with UNICEF and other partners.

This is the latest donation following Binance’s $10 million USD commitment to help people impacted by the crisis in Ukraine. Through Binance Charity, more than $4.5 million has already been donated, bringing the total amount to $7 million including the funding to USA for UNHCR. The remaining $3 million USD donation is being finalized and will be announced shortly.

In addition to the $10 million USD commitment, Binance Charity launched a crowd-funding platform, which has raised approximately $900K USD from the crypto community. This money will also be allocated to humanitarian efforts.

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